SYSTEM RESEARCH CO.,LTD., First Half Ordinary Profit Unexpectedly Revised Upward by 2%

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Mon Oct 28, 2024 3:15 pm JST Earnings

3771 SYSTEM RESEARCH CO.,LTD. 【J-GAAP】

Earnings Report

SYSTEM RESEARCH CO.,LTD. <3771> [TSE-P] announced its financial results after the market closed on October 28th (15:15). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) was 1.23 billion yen, a 2.4% increase compared to the same period last year, resulting in an increase in profits compared to the previous forecast of a 11.0% decrease.

The progress rate against the 3.11 billion yen full-year plan was 39.8%, almost the same as the five-year average of 39.2%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated ordinary profit for the October to March period (second half) is expected to grow by 20.3% from the same period last year, reaching 1.87 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit grew by 3.5% from the same period last year, reaching 749 million yen. However, the operating profit margin decreased from 12.4% in the same period last year to 11.6%.

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Actual Results

Accumulated Results 2nd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Apr - Sep, 2022	10,489	1,068	1,069	477	28.6	42.5	Oct 28, 2022	J-GAAP
Apr - Sep, 2023	11,308	1,186	1,209	898	53.8	43.7	Oct 27, 2023	J-GAAP
Apr - Sep, 2024	12,635	1,221	1,238	900	54.2	39.8	Oct 28, 2024	J-GAAP
YoY	+11.7%	+3.0%	+2.4%	+0.2%	+0.8%

First Half Results vs. Previous Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Apr - Sep, 2024 Guidance	12,386	1,045	1,076	778	47.0	0	May 8, 2024	J-GAAP
Apr - Sep, 2024 Results	12,635	1,221	1,238	900	54.2	0	Oct 28, 2024	J-GAAP
Revision Rate	+2.0%	+16.8%	+15.1%	+15.7%	+15.4%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Oct - Mar, 2023	12,012	1,517	1,559	1,071	64.1	40	May 8, 2024	J-GAAP
Oct - Mar, 2024 Guidance	14,083	1,863	1,876	1,298	78.4	40	Oct 28, 2024	J-GAAP
YoY	+17.2%	+22.8%	+20.3%	+21.2%	+22.3%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	21,556	2,501	2,515	1,601	95.8	35	May 10, 2023	J-GAAP
Mar, 2024	23,320	2,703	2,768	1,969	117.8	40	May 8, 2024	J-GAAP
Mar, 2025 Guidance	26,718	3,084	3,114	2,198	132.7	40	May 8, 2024	J-GAAP
YoY	+14.6%	+14.1%	+12.5%	+11.6%	+12.6%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	5,753	714	724	531	31.8	12.4	Oct 27, 2023	J-GAAP
Oct - Dec, 2023	5,932	779	784	576	34.5	13.1	Jan 31, 2024	J-GAAP
Jan - Mar, 2024	6,080	738	775	495	29.6	12.1	May 8, 2024	J-GAAP
Apr - Jun, 2024	6,190	474	489	352	21.2	7.7	Jul 26, 2024	J-GAAP
Jul - Sep, 2024	6,445	747	749	548	33.0	11.6	Oct 28, 2024	J-GAAP
YoY	+12.0%	+4.6%	+3.5%	+3.2%	+3.8%